The Central Bank of Nigeria (CBN) has launched its Fintech Report, offering a detailed snapshot of Nigeria’s rapidly expanding digital finance ecosystem, while flagging key regulatory and infrastructure gaps that could shape the sector’s next phase of growth.
Released on Monday, the report draws from stakeholder surveys, closed-door workshops, and industry roundtables involving fintech operators nationwide, capturing candid feedback on innovation, regulation, and market readiness as Nigeria’s fintech industry matures.
The findings paint a picture of a sector that has made significant progress over the past decade but still faces structural bottlenecks that could slow momentum if left unaddressed.
Fintech Driving Inclusion, Jobs — CBN Governor
Speaking on the report, CBN Governor Olayemi Cardoso described digital finance as a powerful catalyst for economic participation, job creation, and improved livelihoods across Nigeria.
He noted that Nigeria’s fintech ecosystem has evolved from a handful of startups into one of Africa’s most dynamic innovation hubs, even in the face of global economic uncertainty.
“With improved stability of our currency and domestic economy, it is clearer than ever that financial innovation can advance inclusion at scale,” Cardoso said.
According to him, the report reflects the CBN’s commitment to supporting fintech innovation while safeguarding financial system stability.
“By surveying fintech operators, financial institutions, and policymakers, we have gathered candid insights on what is working, what is not, and where we can do better,” he added.
The Governor explained that the report highlights both achievements and gaps, ranging from modernising regulatory frameworks and payments infrastructure to expanding access for unbanked communities, while placing Nigeria’s fintech journey within a global context.
He stressed that while innovation remains a strategic priority for the CBN, it must be pursued alongside strong governance, consumer protection, and risk management to sustain trust in the financial system.
AI, Real-Time Payments Lead Innovation Push
The report revealed widespread adoption of artificial intelligence among fintech operators, particularly in fraud detection and credit scoring.
These technologies are increasingly seen as critical tools for improving lending decisions, managing risk, and scaling services to millions of users.
Nigeria’s real-time payments infrastructure also emerged as a major strength, with respondents describing it as a national asset and, in some respects, a global benchmark for instant payments and digital transaction processing.
Fintech firms further expressed strong support for regulatory passporting, a framework that would allow compliant operators to expand across borders more easily while maintaining oversight and consumer protection.
Regulation Divides Industry Opinion
Despite optimism around innovation, opinions on regulation were evenly split. Half of the respondents described the current regulatory environment as enabling, while the other half said it remains restrictive.
Those with concerns cited licensing delays and policy ambiguity as major challenges, warning that uncertainty can slow product launches, discourage investment, and complicate long-term planning for fintech firms.
Industry Leaders Welcome Collaborative Approach
Reacting to the report, Flutterwave founder Olugbenga Agboola described it as a balanced effort that promotes innovation while prioritising trust, integrity, and financial stability.
He said the openness to engagement reflected in the report positions Nigeria as a potential global reference point for responsible fintech innovation.
Similarly, Moniepoint Founder and Group CEO, Tosin Eniolorunda, said the report comes at a defining moment as Nigerian fintechs transition from proving that digital finance works to ensuring it is resilient, inclusive, and integrity-driven.
“Trust is the most valuable currency in digital finance,” Eniolorunda said, noting that the CBN’s emphasis on prudent oversight aligns with Moniepoint’s compliance-first approach.
Lemfi CEO, Ridwan Olalere, also described the report as timely, especially as Nigerian fintechs expand across borders. He said stronger alignment between regulators and innovators could help Nigeria shape regional and global fintech standards.
What You Should Know
The Fintech Report aligns with the CBN’s 2026 agenda, which prioritises banking system stability, tighter fintech regulation, inflation control, and payments infrastructure modernisation.
In a statement issued in January, Cardoso reaffirmed the Bank’s commitment to responsible innovation, stressing that financial creativity must be balanced with effective regulation to prevent systemic risks.
The agenda signals a continuation of the CBN’s reform-driven approach, aimed at restoring confidence in the financial system, strengthening macroeconomic stability, and supporting sustainable economic growth.
